jack: you should have listened to al. if not, listen to ben. great ideas. thank you, happy father's day. check out edition of barrons.com, don't forget to follow us on twitter. that's all for us. we will see you next week on >> from the fox studios in new york city, this is maria bartiromo's wall street. maria: happy weekend and happy father's day. welcome to the program that analyzes the week that was and help us position you for the week ahead. i'm maria bartiromo, the taper tantrum has begun. the federal reserve this week signaled rates will move higher and the conversation to pull back on the fed's massive easy money is beginning. coming up, keith banks, the vice chairman of bank of america, he will react to the fed meeting and how to change the way we invest now.

then what was actually accomplished at the u.s.-russia summit this week? marco rubio sits on senate foreign relations committee and big takeaways and what he says concerns him now and former president trump saying he will travel to the border at the end of the month while vice president kamala harris receives backlash for still not making the trip. iowa congresswoman wants to put harris accountable for not seeing the border crisis firsthand but the new bill was just blocked by the democrats. her reaction coming up. first top news makers on ms. foreperson in this edition of the week's walkers. watch. ♪ ♪ maria: tell us what will be happening between trump and abbott. >> pretty excited that the president is coming given that we can't get the current administration to see what is going on. you know from seeing with your own eyes we have problem. maria: tell us what happened in the border when you tried to

look -- >> was exposing vladimir putin and indictments were taken and companies were stolen. maria: the fact that biden would come out with a list of the 16 most vulnerable areas and say, don't touch these as if putin is our friend and is going to just say, oh, yeah, we won't hack your nuclear facilities. no. i mean, what was the thinking of sharing that information? >> i don't know, basically he laid out here is we are most vulnerable and don't attack these spots. okay, we will work together. maria: well, it was a big week for markets. here is how they ended the week after the federal reserve signaled its plans to raise interest rates sooner than some expected. joining me vice chairman of bank of america, the head of investment solution's group at bva. keith banks joining us.

keith, welcome to have you, welcome back. >> great to be with you, obviously. things have certainly got more interesting. if you step back and say what did the fed tell us this week, they told us things that we already knew, already were beginning to recognize. number 1, inflation is moving higher. what they acknowledged that although there's a transitory element to some of the inflation it could be higher and more persistent. we would agree with that. they made it clear that, you know, the economy is absolutely roaring and i think what they are trying to do is get in front of this and acknowledge that, you know, the level of accommodation required at the peak of the pandemic back in march, april of 2020 is not the same level of accommodation you youneed today. so i think theye

being realistic and proactive and acknowledging that they have to be more vigilant. they're not making any changes yet. we will probably hear more about that in the fall. but i think, you know, the market has to digest this but i think i would be and and we would be more worried had they not acknowledged what's actually going on in the economy and what's actually going on with inflation. maria: yeah, and you've been painting this picture of the macro story for some time telling us over the months in the last year that the economy is doing well. the macro story and that's with the macro story that's improving does come increase pricing. so i guess one of the big question marks for me, why are real rates moving lower. so the federal reserve tells us that we are likely going to see at least two interest rate hikes by the end of 2023. most market participants expect

to raise in 2022, we outline the cornerstone macro predictions weeks ago that the conversation begins around jackson in august and the rate hikes begin next year. but look at the ten-year, keith. the yield on the ten-year below 1.5% this week. so should i believe the fed or should i believe the market's reaction to this? >> well, i think you ultimately have to believe the market's reaction but i think what's going on with respect to the ten-year, and you made important point, 80 basis points which think about that in the context of an economy that's going to grow probably 10% in real terms in the second quarter, similar in the third and still fairly robust level in the fourth. but i think what's going on is a few things. number 1, you still have a lot of natural buyers. if you look at the spread between the ten-year treasury

and the ten-year german boon, it's almost all-time and you have institution buying going on. the fed is still buying $120 billion a month, a big portion of which, probably 80 billion are ten-year treasuries and so -- and i think right now what people are afraid of is if the fed comes in hard they could, in fact, begin to truncate growth which would then in turn truncate year inflation and all of that is coming together. our view would be as time goes on, as the markets digest this, ultimately, we do think you'll see a re-steepening of the yield yield that the economy is incredibly strong and will stay strong and the fact that inflation will be at very healthily level but we don't think beyond the point that it's going to force the fed to get overly aggressive from a tightening standpoint.

maria: what does this all mean in terms of allocating capital? >> they'll be competing forces. they'll be very strong tailwinds in the form of a strong economy. we still think people are underestimating the level of earnings. north of 200 and consensus, 190, 195. that's obviously a good thing for risk assets for equities in particular. people still underestimate the amount of operating leverage in the system and that's why these companies are putting these incredible numbers and we think that this will continue. what we are saying to our clients and what we are putting in place in our portfolios is we are still overweighted equities versus fixed income as we move into the mid-cycle of economy and markets.

you need to be diversified. we are recommending being diversified across capitalization, large, mid small and we are also saying be diversified, growth versus value because they will toggle back and forth depending on the percentage of rates and perception of rates and growth. benefit from the cyclical lift and also the trends that growth stocks give you and we would also be international developed at this point as well because you're right, we will start to see increase lift overseas as more vaccinations get out, as the health crisis continue to abate and you will see more of a synchronized recovery which is a powerful source. maria: keith banks. thank you, sir. thank you so much. meanwhile president biden getting some backlash for giving vladimir putin a list of u.s. target that is he says are off limits for cyber-attacks. limits for cyber-attacks. is this a joke?

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maria: welcome back. cyber-attacks, one of the top issues discussed at president biden's summit with vladimir putin this week just two weeks after two major american companies were attacked, hacked by russian hackers. president biden now facing backlash for giving putin a list of critical infrastructure that biden said he deems off limits to any attacks. this has putin claims most cyber-attacks are carried from the united states. i asked senate foreign relations member marco rubio about this and more. senator: typical putin-type statement. to begin with, what the hackers do is list ip address in the u.s., the infrastructure of the u.s. but yet they're not sitting in downdown chicago. they are -- downtown chicago. they are in russia.

the other thing that's stunning apparently joe biden handed him a list, here are the 17 things you can't hack f it's not on the list, it's not a big deal. i can't believe that's true. i can't believe they printed out a list, here are 16 industries, if you attack them i'll get mad. anything on the list i guess it's fair game. that just can't be -- that's something out of a sitcom. that can't be real. maria: you're right but it is real. he actually went through a list of 16 areas that the u.s. is most vulnerable and that should be off limits. senator: yeah. maria: as if we are okay with hacking anywhere else and why open up our secrets telling an adversary what's most important to you. i mean, the whole thing is a joke. senator: yeah, at the end of the day it's not so much at the end of the day of the list per se but gives you a sense of the mentality, right. we are not going to send him into the room to meet with vladimir putin unless he has a list and written on paper so he

doesn't mess up. putin levers there says number 1, this guy gives me a list, 16, 17 industries if they get hit, we -- they will be mad and the second is, i think it gives him the sense that this guy is not in full control of the government over there. he may not be the one entirely running the show. they had to print a list for him. you know, if i were putin, i would probably get biden and him doing the joint presses like you saw him do with trump four years ago because i think in that setting putin thought he could take advantage of him and get one up on him. so in any event, that's where i'm most concerned, does putin leave with a sense that he can test america and get away with certain things. maria: but senator, broadly speaking, assess this administration's foreign policy. i've been saying it repeatedly that it feels like he keeps giving victories to our

adversaries. russia is one, china is another. iran is another. you know, taking down the sanctions from the company operating north stream to russia and allowing china and the communist party to do what it wants, not even confronting them on the origins of covid, trying and begging the iranians to get back into the iran deal. what's your take overall? what is your takeaway on foreign po tay? senator: first, it's early. we will begin to see flush out more fully. be fair on that front. here is what we know already, i think iranians and other countries that are watching the negotiations have a clear sense that joe biden and his administration are desperate to get back into the iran deal and i think iran will make money reasonable claims and they want cash and reparations for the four years of sanctions and the money they lost. they want a guaranty that a future president can't come back

and unravel the whole deal. they will ask for all sorts of these things because they sense that biden wants a deal so badly that he will give in on some of these things. you look at china, you can talk tough and warn them, but at the end of the day, the first thing he did a few weeks ago, waive restrictions on military companies and some of the moves that the trump administration had put in place because somebody came to him. same thing with the north stream pipeline, they didn't sanction that. because you talk tough and you go talk to someone at the state department who says you can't do this because if you do this it'll upset germany or other country. that's not the mature conventional thing to do. let's talk tough and send clear stern statement and different from the previous administration. i think the chinese and the russians and everyone else, the iranians are saying, hey, back to business as usual over there and that's what they wanted. they loved business as usual before trump came to office. maria: yeah. i mean, the china story really

is unnerving because what you have going on is corporate america being allowed to fund the expansion of china's military. and look at biden's budget, we are looking at a decline in spending as china ramps up its navy. so it's distressing to see not acknowledge and there's a conflict of interest, how do you not see that? senator: i don't know. all i can produce from it the conventional school of thought is you can't do the harsh things because it creates friction in international relations. the most outrageous, federal employees, retirement funds go into thrift savings plan. the thrift savings plan invest in companies that are developing weapons that kill them. you have people taking retirement money investing that are working to kill them.

it's crazy. i have a bill to ban that. maria: you've been working on that bill for 2 years. you've been communicating this for several years. why is it larry, the head of blackrock and dalio understanding that they want to fund the companies? senator: i can want speak about them as individuals. they understand it and don't care. there's a lot of money here. do you care about some theoretical future conflict with china or do you care of billions of dollars this quarter? that's what it's all about. maria: terrible. my thanks to senator marco rubio. holding vice president kamala harris accountable. it has been close to 90 days since biden tapped her to handle the border crisis and she has yet to visit the area. my next guest is trying to change that. iowa congressman ashley hinson introduced a bill this week essentially forcing the vp to

visit the border. she will join us next. >> this crisis is worsening by the day yet the vice president has refused to go to the border herself. when asked why she hasn't visited the southern border, she (judith) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? don't you just ride the wave? (judith) no - we actively manage client portfolios based on our forward-looking views of the market. (other money manager) but you still sell investments that generate high commissions, right? (judith) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money? only when your clients make more money? (judith) yep, we do better when our clients do better. at fisher investments we're clearly different.

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(announcer) you may be suffering from insulin resistance. measure your waist. females measuring more than 35 inches and males measuring more than 40 inches may have insulin resistance. to learn how to reverse insulin resistance and lose weight effectively, go online to golo.com. once again, that's golo.com. maria: welcome back. former president trump is set to visit the southern border later this month while there's still no word on when when vice president kamala harris will go to the border and see the crisis under way. iowa congressman ashley hinson introduced a bill in the house this week banning the vice president from taking taxpayer funded international trips before she's gone to the border. that bill was just blocked by democrats and congresswoman hinson joins me right now.

congresswoman, thank you very much for being here. we so appreciate it. your bill was blocked. tell me what you're intending and what you'd like to see happen. congresswoman: the first thing we want is we want the vice president to acknowledge the situation at the border is a crisis brought on by the biden administration's policies. we are going on 3 months here. almost 90 days since vice president harris was named our border tsar and she's get to go and she's visiting shops. instead of going to the border, she flew right over the border with taxpayer checkbook in hand to other foreign countries. my intent to getting bill introduced in congress to hold the biden administration accountable and make sure vice president harris goes to the border and actually comes up with a solution to fix this crisis at the border. maria: what do you think she's going to learn should she go to the border because, you know, she told lester, so what, i

haven't been to europe. she laughs, i don't know if it's a nervous laugh or what the story is, but do you think she's going to learn something or do you think she understands the crisis that has unralphed as a a result of overturning trump's policies on the border and they still don't care? congresswoman: i think for the biden administration is trying to keep it out of sight so they can keep it out of mind. they may be turning a blind eye for this but it's very clear to iowa families what's happening. american families what's happening. this is a safety and security issue and that's exactly what the vice president would learn if she like me and many other members of congress who have been to the border. you know, we had a chance to hear from the customs and border patrol agents. they are crying out for spray help to return to those policies that can make -- keep our country safe. you talk about terrorists crossing the border, the drugs and the smuggling that's happening, the cartels are doing business under the biden administration, maria. maria: we are looking at pictures when i took the show to

the border a few weeks ago and literally i was there when the border agents apprehended a group that were just crossing, they had just come from the rio grand river and we know that the mexican criminal cartels are delivering 5,000 people to the texas border every day. it's pretty extraordinary when you've got 5,000 people a day because 180,000 were apprehended in the month of may alone. you mention the drugs. we had 90,000 overdoses in the last year largely due to fentanyl. the fentanyl is coming through the border and it's coming from china. does the administration not recognize the incredible dangerous situations that have been created as a result of doing away with remain in mexico, stopping construction of the border wall and putting back into place catch and release. congresswoman: maria, this is exactly why we are sounding an alarm on this because this gives

upper hand on china. fentanyl are up 233%. you mentioned the numbers for border crossings, you look at what that means for the entire year. we are on track to have a third of iowa's population, entire state come across the border illegally this year. so, again, vice president harris needs to go see the border and see the crisis firsthand and all democrats that were there this week in congress to vote on this are on the record now saying they don't think it's a priority for the vice president which in my mind means the country is less safe because of this crisis. crisis. maria: congresswoman ashley welcome to allstate. ♪ ♪ you already pay for car insurance, why not take your home along for the ride? allstate. here, better protection costs a whole lot less.

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maria: welcome back, we've got another big show in the works for next weekend. make sure you tune in to wall street every friday night 9:00 p.m. eastern and join us. meanwhile i will see you at 10:00 a.m. eastern on the fox news channel for sunday morning futures. i have interviews with senator

ron johnson, john ratcliffe, detroit police chief james craig and georgia state congresswoman vernon jones and here on fox business start smart every weekday with mornings with maria on fox business. we hope you'll join us. that'll do it for us right now. thank you so much for joining us, to all of the fathers out there, have a very happy father's day alllllllllllll seeu again next time. ♪ ♪ >> welcome to the wall street journal at large. joe biden is back from his first foreign trip and, of course, it was a stunning success if you believe the media. penetrating reporting that would make kim jong un blush, journalists fell over themselves to declare trip in europe capped with vladimir putin meeting a triumph. biden's message to vladimir putin, the adults are back